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Share Name Share Symbol Market Type Share ISIN Share Description
Mountview Estates Plc LSE:MTVW London Ordinary Share GB0006081037 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  250.00 2.21% 11,550.00 11,400.00 11,700.00 11,500.00 11,500.00 11,500.00 132 16:35:13
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 64.9 34.9 725.7 15.9 450

Mountview Estates Share Discussion Threads

Showing 276 to 298 of 525 messages
Chat Pages: 21  20  19  18  17  16  15  14  13  12  11  10  Older
DateSubjectAuthorDiscuss
28/6/2015
13:02
Taken from the Sunday Times (for your interest) Raider takes aim at Grainger AN ACTIVIST investor has pounced on Grainger, the FTSE 250 landlord, and plans to push its management to squeeze more cash from its residential empire. Crystal Amber has built a stake of about 3% in Grainger, which specialises in buying regulated tenancies at a discount and selling them on at a profit when tenants die or move out. The activist fund is understood to be interested in realising £500m of future profits — known as the “reversionary surplus” — that are not yet factored into Grainger’s balance sheet. Market sources said Crystal Amber’s appearance could also flush out a takeover bid. Several suitors are believed to be circling Grainger, which is seen as vulnerable because of its sleepy market performance. Unlike those of many other property companies, its shares trade at a hefty discount to the value of its underlying assets. Its chief executive, Andrew Cunningham, a 20-year veteran of the company, is set to step down next year. The board is thought to have identified a successor, who could be unveiled in the next few weeks. Crystal Amber’s raid is the latest in a series by activist investors. Elliott Advisors, a US fund, won a messy fight against Alliance Trust in April, putting two non-executives on the board. With 4,000 properties worth £1.3bn, Grainger has one of the biggest regulated-tenancy portfolios in Britain. These tenants have the right to live in the homes at sub-market rent for life. Grainger buys the properties at an average discount of 30%, collecting rent. When it eventually sells, it collects the 30% profit, or reversionary surplus, and any house price inflation on top. Crystal Amber is thought to be planning to push Grainger to sell the surplus to an insurer or another specialist at a discount for upfront cash. Richard Bernstein, the fund’s boss, said: “We think this is a highly undervalued asset.” However, a source close to Grainger suggested it would resist the idea: “You can’t pick one part of the business and decide to unpick it — it doesn’t work like that.”
greatgiginthesky
28/6/2015
10:08
Thanks jonwig, will check out chronic blog. For the interest of others, here is the more comprehensive IC update; After a relatively comprehensive interim statement, publicity shy Mountview Estates (MTVW) reverted to form with its full-year announcement which revealed virtually nothing about the landlord’s underlying performance, other than to reveal that trading remained positive over the year to March this year. There was no repeat of the revaluation on its trading properties contained within the interim figures, which showed that trading stock was worth £666m against £318m presented on the books. However, given the strength of the residential property market, it would be fair to assume that trading stock is now worth considerably more. Mountview owns a tenanted housing portfolio let on contracts signed before the rent reform laws in the 1980s. As a result, tenants cannot be moved out, and their rents are capped at sub-market rates. Significant gains on the value of the property are crystalised when the tenant dies or leaves. However, there have been no new regulated tenancies created for 27 years, so the portfolio is steadily contracting. No investment properties were bought or sold during the year. The company's reported book value rose 8 per cent to £73.80, but add on the surplus value in the trading stock revealed at the interim stage, and this rises to £163. MOUNTVIEW ESTATES (MTVW) ORD PRICE: 12,000p MARKET VALUE: £468m TOUCH: 12,001-12,300p 12-MONTH HIGH: 12,900p LOW: 7,501p DIVIDEND YIELD: 2.3% TRADING PROPERTIES: £323m PREMIUM TO NAV: 63% INVESTMENT PROP: £29.4m NET DEBT: 21% Year to 31 Mar Net asset value (p) Pre-tax profit (£m) Earnings per share (p) Dividend per share (p) 2011 5,510 23.6 435 165 2012 5,826 22.8 448 165 2013 6,260 28.9 568 175 2014 6,810 35.4 730 200 2015 7,380 40.0 816 275 % change +8 +13 +12 +38 Ex-div: 23 Jul Payment: 24 Aug IC VIEW: Shares in Mountview were unmoved by the full-year figures but still trade on 26 per cent discount to historic adjusted net asset value. However, some of this is justified, as the shares are quite tightly held by the founding Sinclair family. For the long-term investor, there is still considerable upside potential. Buy. Last IC view: Buy, 9,250p, 28 November 2014
gargleblaster
25/6/2015
17:55
gargle - an analysis on Stockopedia estimates £175/sh, but I don't think he's factored in any London inflation. You can read without registering: HTtp://www.stockopedia.com/discussion/ I'm an IC subscriber, so I'll pick up anything said. Their "Chronic Investor" blog was a bit scathing about MTVW a while back ... run like a private company and they don't talk to Investor's Chronicle!!
jonwig
25/6/2015
06:36
Very much a non-statement, in that it contains little that we really wanted to know, such as how they valued the trading stock to "way beyond" the book figure. The CEO seems to have been dragged unwillingly to his Olivetti typewriter and hasn't even commented on his own tenure, which was to be the other big event. Anyway, the trading properties show £323m, so net additions of £5m from the last statement. That suggests maybe a "true" value of £671m (crude basis), or £89/sh, and a revised "NAV" of £163/sh. How much can we raise the H1 £666m over the 6 months? The Daily Mail has just told us: "House prices in London surged up to 32 per cent last year" so being conservative, can we say 10%, or £67m, that is, £17/sh? Resulting guess is a "NAV" of £180/sh. I suppose we'll have to wait for the annual report, which may have the information. This could mean some selling early doors today as short-term punters feel frustrated at the lack of raw meat. The AGM should prove entertaining!
jonwig
25/6/2015
06:09
Just remembered that they don't always issue the RNS until sometime later in the morning!
eggbaconandbubble
12/6/2015
09:22
Having missed out last November I am tempted to have a dabble here before the results. I think if they reflected the valuation they received last year for the property in the book value it would change perception of the company significantly.
mad foetus
11/6/2015
07:21
From the website: Results for the year ................. 25 June Annual Report and Accounts posted .... 24 July Annual General Meeting ............... 19 August
jonwig
11/6/2015
06:18
Borad change, new chairman. And there was I thinking it might be the "big one": Http://companycheck.co.uk/director/901591629 Solways seems to be the upmarket printing firm.
jonwig
21/5/2015
14:14
In a Guardian article in 2012 entitled "Fair rent tenants are still sitting comfortably" it was suggested that there are 100,000 regulated tenancies. So still plenty of opportunities, but I agree that the carousel will have to stop sometime as those tenancies (and the sitting tenants) expire. Say 25 years, but as property is an ultra long game that would suggest a need to look at what will happen to that market in those 25 years, and afterwards then what? Take note of what is indicated in the Annual Report.
greatgiginthesky
19/5/2015
15:12
Thanks for that Greatgig... I seem to have the feeling from events and comments over the last few months that various significant shareholders or their spouses even, want an exit. Portfolio valuation, long search for a new CEO etc. could point to such an eventuality. I seem to remember commenting before that the original concept of the business - sitting tenants - is fast evaporating, the property cycle/bubble is somewhere near its peak (well possibly!). All in all, maybe the time to hand the portfolio/package on to another company. I would therefore put the possibility of a takeover at a much higher figure than 25%!
eggbaconandbubble
19/5/2015
14:15
I don't really have a target exit price as I hold this share for the steadily rising dividend and for comprising a slug of my exposure to property in my portfolio (Tritax Big Box being the other property share). Although I would dispose if/when another recession comes along and buy back in later. If the family agrees to sell out at anything less than £160 I would be very disappointed. The chances of a takeover in the next 2 years I put at 25%. What about you?
greatgiginthesky
17/5/2015
15:42
So, what is everyone's target price here / possibility of a takeover?
eggbaconandbubble
11/5/2015
16:38
Certainly!!
jonwig
11/5/2015
16:22
Look out tomorrow morning.
greatgiginthesky
11/5/2015
16:22
Yup - and it's not often we get leaks here. Election result not really relevant, as they haven't many "mansions".
jonwig
11/5/2015
14:45
Nice day....
brahmsnliszt
19/3/2015
11:14
RSI showing oversold, first time since August.
firtashia
19/3/2015
10:36
Added a few. Now at 35% discount to NAV with the trading book uplift included.
wjccghcc
19/3/2015
10:04
This should be resistance of sorts, and lots of trades today might signal the end of the fall ... otherwise look out for about 80. Company not known to make further statement between now and June.
jonwig
16/3/2015
12:06
I might top up soon. I said 'might'! Still, my money has done a whole lot better here than with a certain oil co. ;-)
eggbaconandbubble
16/3/2015
09:39
A bit of profit taking? No budget rumours to worry about?
tiswas
16/2/2015
11:22
And to think that I seriously thought of topping up around the 100 quid mark. Any of you property co. experts got the share price on UTG - Unite?
eggbaconandbubble
11/2/2015
20:23
Strong as u like
brahmsnliszt
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